The Importance Of Property Valuations When Selling Property
26th November 2019 posted in Sellers
If you want to get your head around the sales process, it is often best to consider the process as a lot of little tasks, as opposed to one job. Breaking the sales process down into smaller sections allows you to focus on relevant tasks, and stops you from being overwhelmed when selling your home.
Taking each task on as it arises is helpful, but some jobs are more critical than others. If you want to sell your home, the importance of property valuations when selling property cannot be overstated. No matter how well you do every other task, if your home is incorrectly valued, you may struggle to sell the property.
You can control some aspects of property values
Given so many factors influence property values, it is no wonder people are unsure of how values are determined. As a homeowner, there is a lot you can do to influence the value of your home, and these factors include:
· The condition of your property
· How your house is decorated
· How many bedrooms and bathrooms your property has?
· The size of the property
Some of these aspects are easier, and more affordable, to update than others, but these are all elements which relate to your property. As a homeowner, you can relate to the standard or quality of these features impacting property value, but you may not be as comfortable with external factors shaping the market value of your home.
Elements like transport options, local schools, shops, crime rates and leisure options influence the value of the property because they influence what buyers are willing to pay. No matter how robust and how appealing your property is, if the house is located in a “poor” or “unpopular” area, it will not achieve the value it could receive if it was located in a more beautiful or more appealing area.
Supply and demand affects property value
You will also find that the level of supply and demand for property in your area affects the value of your property. This means the agreed value of your house may depend on timing as opposed to anything you can directly influence. If you go to market at a time when other homeowners aren’t selling, and demand far outstrips supply, your home increases in value. If the converse is accurate, and more homeowners are looking to sell than buyers are looking to buy, the value of your home will be lower.
Now that you are aware of the factors which influence property values, why is the value of your property so significant?
Don’t forget modern buyers search property online, and this usually involves setting a minimum and maximum parameter for their search. If your property is listed below or above these parameters, it will not be presented to buyers. If buyers can’t see your home, they won’t arrange an appointment, and they won’t make an offer, which means it becomes tough to sell your home.
If your house has too high a value, buyers will be put off and will be unwilling to show any interest. If your home has too low a value, some buyers will be suspicious about the property. Also, you’ll find a low value generates interest in buyers, but if you do sell at this price, you miss out on money. Depending on your next move, this reduction in property price could impact what you do next.
Therefore, when you sell your home, it is best to obtain an accurate valuation, as this helps you attract buyers, and make your next move.
At Hunters Bridgend, we are pleased to say we offer a wide range of services aimed at helping you sell your home. Contact us today, and we’ll be happy to help or arrange an appointment.